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Southwest Florida Foreclosures: 2010 Year End Review

Posted by Benjamin Dona on Wednesday, January 5th, 2011 at 9:14pm.

Southwest Florida Real Estate - 2010 Foreclosure ReviewThe crush of foreclosures in the Southwest Florida real estate market may finally have started to subside as we head into 2011. It seems Lenders only filed 10,669 foreclosure lawsuits in Lee County in 2010, a decrease of 50.8% from the 21,768 filings in 2009. For Collier County, lenders filed 4,452 foreclosure lawsuits, a decrease of 47.2% from the 8,421 filings in 2009. All in all, it's not too bad when you consider we've had over 100,000 foreclosures in the two county areas since January, 2006.

For Lee County, December's 409 foreclosures was an increase from November's 343, but it's still far below the peak of 2,665 reached in October, 2008 after the housing crash caused homeowners and investors to lose properties at a breakneck pace. Collier County faired a little better with 218 filings in December. And, while it was an increase from the 177 filed in November, it was also far below the peak of 1,103 seen in July, 2009.

Foreclosure sales also did well in 2010 in both counties. For Lee, there were 5,239 total foreclosures sold in 2010. In Collier, 2,177 foreclosures left the market. In terms of the overall sales, these numbers represented 33% and 25% of the total sales volume in each county respectively.

If this trend continues (and we believe it will), maybe by the end of 2011 things will really start to turn around here in Southwest Florida.

Only time will tell the tale.

SW Florida Foreclosed Properties

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8 Responses to "Southwest Florida Foreclosures: 2010 Year End Review"

Tweets that mention Southwest Florida Foreclosures – 2010 Year End Review | Southwest Florida Blog -- Topsy.com wrote:
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Posted on Wednesday, January 5th, 2011 at 10:28pm.

Frank wrote:
Let's hope things will turnaround for Southwest Florida. I feel once something like this occurs, the whole country will start to follow. Hopefully it will be like a domino affect and things will get rolling again, we could all use a lift. Thanks for the information!

Posted on Friday, January 7th, 2011 at 12:39pm.

Rebecca Williamson wrote:
The decrease is definitely a good sign for Southwest Florida. Hopefully, this means we all will start to get out of the mess. It will be interesting to see what happens when the next set of ARM's recast this year.

Posted on Sunday, January 9th, 2011 at 6:35pm.

Benjamin wrote:
I know all the experts are saying the Arms are going to be the next big problem, but I'm not convinced it is going to be the case here in SW Florida.

Guess we'll just have to wait and see how it turns out.

Posted on Sunday, January 9th, 2011 at 7:19pm.

Anita - Warner Robins, GA wrote:
Definitely a positive sign that SW Florida may be starting to pull out of this mess. Still a long way to go, but a 50% decrease in foreclosures is good news.

Posted on Sunday, January 9th, 2011 at 7:55pm.

James Foxx wrote:
I think it's an encouraging sign. I wonder if this is going to be the same as in other hard-hit areas, such as California and Nevada. If so, then I'll be more than cautiously optimistic about how this indicates a recovery for the nation as a whole. Until then, I'll just say it's good news for SW Florida.

Posted on Monday, January 10th, 2011 at 3:46pm.

Adam Atkinson - UK wrote:
That's a significant change - 50% drop in the total number of foreclosure is definitely a good sign. Hope things continue to improve more in 2011.

Posted on Thursday, January 20th, 2011 at 7:17am.

Lisa In Logan Utah wrote:
It's good to hear some positive news. Our market is behind the rest of the world and I don't think our foreclosures will peak until mid 2011. It's good to see the Florida Real Estate market is starting to turn. :)

Posted on Friday, January 28th, 2011 at 6:33pm.

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